摘要
用严格的数学推导揭示了还原利率与使用权年限之间存在的关系。设ｑｉ（ｉ＝１，２，…，ｎ，…）为ｉ年期的存款利率，设ｐｉ（ｉ＝１，…，ｎ，…）表示使用权年限为ｉ年的无风险还原利率，在可允许性条件ｑ１＜ｑ２≤…≤ｑｎ≤…，在其他条件都相等的情况下，成立严格的不等式：ｐ１＜ｐ２＜…＜ｐｎ＜…，其中ｐｎ是方程在区间（ｐ（ｎ－１），ｑｎ）上的唯一解。这里，ｐ１＝ｑ１，（ｎ＝１，２，…）。应用到中国现阶段的土地估价及其他资产估价方面，得到一些有意义的结果：①导出了有限年期资产评估时折现率（还原利率）确定的一般化公式；②证明了土地使用权年限大于一年的土地还原利率必须严格大于一年期存款利率；③证明了剩余使用年限土地使用权价格评估时所选取的土地还原率ｒｍ严格小于法定最高年限土地使用权价格评估时用的还原利率ｒｎ；④导出了每年末付息，到期还本，期限为ｎ年的债券的发行价格计算的一般公式；⑤导出了每年末付息，到期还本，期限为ｎ年的债券在以收益折现原则下的评估价格计算的一般公式。
The relationship between yield and years limit of right to use an Asset was revealed. Let q_i(i = 1,2, …,n,…, ) denote i - year deposit rate. Let p_i(i = 1,2, …, n,…) denote i- years limit of right to use an asset, under admissible condition:q_1 <q_2 ≤ q_3 ≤…≤ q_3≤…, all else being equal, then the strict inequality was held,i.e. p_ 1 < p_ 2 <…<P_n…, where p_n is the unique solution of the equation over the interval (p_(n-1),q_n). Applications to land pricing and other asset valuation in the present period in China were considered, some results of interest can be obtained as following.① The formular of calculating the yield was derived to value the asset with the n year limit of the right to use.② It was verified that the land yield would be taken higher than one-year deposit rate ③ It was verified that when right of use a land is transferred, the yield at which the land having residual years would be valued must be taken lower than that of at which the identical equality land having the legal maximal years be valued.④ The formular of calculating the issue price of bonds (Gilts,Debenture) was derived with the interest will be paid at the end of every year whilst held and the corpus will be paid at the maturity.⑤ The formular of valuing price of issued bonds (Gilts,Debenture) was derived with the interest will be paid at the end of every year whilst held and the corpus will be paid at the maturity, based on income discount method.
出处
《宁波大学学报（理工版）》
CAS
1996年第2期27-33,共7页
Journal of Ningbo University：Natural Science and Engineering Edition
基金
浙江省自然科学基金
关键词
还原利率
使用权年限
关系
资产
债券
发行价格
评估价格
收益折现原则
剩余年限
土地使用权价格
ield year limit of right to use relationship asset bonds issue price estimated price income discount method residual years price of use a land with limited years
